The Town of the Blue Mountains is home to 119 farms and 17,500 acres in crops, generating over $21 million in gross farm receipts annually¹. With the average farm operator age nearing 60, many local families are considering the future of their farm businesses¹.

 

When planning for a farm sale, it’s important to consider tax-efficient strategies, such as utilizing the lifetime capital gains exemption and structuring payments to manage your tax liability over time².  For those looking to transfer the farm to the next generation, intergenerational rollover provisions and careful succession planning  may help minimize taxes and keep the business viable.

 

Cash flow planning is also essential—review your expected income and expenses before and after retirement to ensure a smooth transition. Personal tax and estate planning, including wills, trusts, and insurance, can assist with safeguarding your assets.

 

Finally, comprehensive retirement and financial planning—factoring in Registered Retirement Savings Plans, investments and government benefits—can assist with providing peace of mind as you transition out of active farming.

 

If you’d like guidance tailored to your family’s needs, together with our CIBC partners, we can help you develop a personalized financial plan to assist with protecting your legacy and your financial future.

 

Please give me a call if you would like to assess your strategy and how I can help you achieve your long-term goals. 

 

Fraser Willson, CFP®, CIM® | Senior Wealth Advisor | CIBC Wood Gundy | Collingwood | Fraser.Willson@cibc.com | (647) 588-4344 | www.willsoninvestments.com

 

¹https://www.thebluemountains.ca/business-economy/agriculture

² CRA – T4002: Chapter 6 – Capital gains

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.